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The P26 keel is bolted on cast iron. Could just be surface rust at the edge of the keel where it meets the fiberglass hull. Worth investigating to make sure the keel bolts are still OK tight, but hopefully its just something that needs a little maintenance.

Given that Pearsons are known to be 'flexible' boats, and the keel is cast iron I'm pretty sure what you're seeing is the failure of the fairing around the keel/hull joint due to a small amount of motion in that area. Take a good look at the links tempest provided.

It probably needs (at least) grinding out, drying out and refairing. West makes a product called G-Flex that cures into a relatively flexible material that is allegedly just the ticket for this scenario.

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